Paul Kehoe (Wexford, Fine Gael) | Oireachtas source

It has been a number of weeks since my visit to the Seanad dealing with Standing Orders to set up this committee. The people of Ireland have suffered as a result the banking crisis. Hundreds of thousands of people lost their jobs and those who did not saw their lives change in other negative ways. As a country, we were stripped of our economic sovereignty. The Irish nation suffered the shame and indignity of having to be bailed out and witnessing the arrival of the troika.

As a Government and a Parliament, we have worked hard over the last three years to tackle the consequences of the banking crisis and the economic collapse. Progress has been made and we are along the road to recovery. Ireland successfully exited the EU-IMF programme last December, has returned to the international bond markets at historically low interest rates, has regained competitiveness and is once again recognised internationally as a fantastic location for investment and jobs. Ireland's economy is growing and unemployment has declined from a high of over 15% to 11.7% at the end of April. These are positive steps in the right direction but we still have a long way to go. While economic recovery and job creation have been the priority, it is also important that we understand what led us into the economic collapse. In these circumstances, the Government believes the Irish people are entitled to a full account of the banking crisis. The Oireachtas is the Parliament of the people. An investigation through an Oireachtas committee is the most appropriate way to establish the full truth about the collapse of the Irish banking system and the economic crisis that followed.

It will be a matter for the members of the committee to propose what the inquiry will consider and provide draft terms of reference for the Oireachtas to approve. The decisions surrounding the bank bailout, the actions of bankers, auditors and regulators and the Government policies that led us to the economic collapse, such as light touch regulation, are some of the items that the committee members may consider. The people who made these policy decisions and those who implemented the policies should come before the elected representatives of the people of Ireland and explain their role in the economic collapse. I have been working closely with the Whips of the political parties and the Technical Group in the Dáil on the establishment of the Dáil select committee. There is a cross-party commitment to this Oireachtas inquiry, as seen in the Deputies appointed members of the committee. I have no doubt that this House will match that by appointing excellent Senators to the committee. It is in the best interest of all Members of this Oireachtas, from all parties and none, that the inquiry is successful.

An inquiry that provides a comprehensive set of reports into the origins and underlying causes of the banking crisis and the resulting economic collapse will play a significant role in guaranteeing that the mistakes of the past are not repeated. The Government introduced a Bill to amend the Constitution to establish an Oireachtas inquiry system in 2011 but the referendum held in October that year was defeated. As a result, new legislation was required and the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Bill was passed in July 2013. New Standing Orders required under the Act were approved by the Dáil and Seanad in January and February 2014. These Standing Orders create the parliamentary framework for establishing an inquiry, including how inquiries are set up, guidelines on how to conduct inquiries, compellability consent, oversight powers on the inquiry, and how any allegations of bias are addressed. The foundations are now in place to hold a banking inquiry.

Earlier, the Dáil established a select committee with seven members. The Seanad is now being asked to establish a select committee with two members. The new joint committee; chaired by Deputy Ciarán Lynch, Chairman of the Oireachtas Joint Committee on Finance, Public Expenditure and Reform, will submit proposals to hold an inquiry, including draft terms of reference for the Committee on Procedure and Privileges to consider and recommend for approval by the Houses of the Oireachtas. The next phase will involve gathering of relevant information, after which the committee will analyse the information and conduct oral hearings before submitting a draft report to both Houses. This committee will show the public what can be achieved when Members of this Oireachtas work together for the good of the people. It is the type of work that is carried out in committee rooms in this building every week but gets little attention. The representatives of the Irish people have the right, the authority and a moral obligation to inquire into the greatest collapse to befall this country in recent times. I wish Deputy Ciarán Lynch and the Deputies and Senators selected to be members of the committee well in their work.